Hi Everyone. I'm new here.
Unexpected landlord with under water property and negative cash flow. Cant refi. It will be short if I sell and negatively impact my credit (and owe taxes since its a rental). I'm bleeding cash each month and in debt due to this and being unemployed for a short spell a year ago.
I own my primary residence with about $40k equity, but my DTI ratio wont allow me to pull the cash out.
My DTI ratio is high due to the negative cash flow and mortgage on primary residence, not the unsecured debt.
Fico is about 750 and I have a job near six figures.
I recently came into $160k and want to invest in rentals.
You may be thinking 'This guy is nuts. He has no business buying another property in his situation'.
You might tell me to pay off the unsecured debt. I could, but it wont improve my DTI to enable a refi.
Also, once I pay off the unsecured debt, that money is gone forever. I'd rather use passive income to pay off the unsecured debt.
My wife wont let me sell our primary house either.
What to do?
Buy rentals all cash?
Find a partner with good income/DTI to overcome my DTI?
I'm looking for input.